Ireland Is Looking To Close Apple's Favorite Tax Loophole

Ireland is moving to phase out the "Double Irish" tax structure that has let companies like Apple and Google save billions of dollars in taxes, sources tell Australia's iTnews. Although the change is not sure, it is reportedly "more likely than not" to happen.

How the supposed loophole works is, basically, that multinational companies transfer income to an Irish subsidiary that re-transfers income to a company registered in Ireland that is a tax resident in a tax haven nation. The reported change would make all companies registered in Ireland eventually pay taxes in Ireland.